Dive Brief:

• Select service and extended stay hotel investor Mission Hill Hospitality acquired two Marriott hotels in Clearwater Beach, Florida, the company announced in a release obtained by Hotel Dive. The properties include the 144-key AC Hotel Clearwater Beach and the 139-key Courtyard Clearwater Beach.
• The recently developed select service properties offer “exceptional” amenities, including rooftop restaurants, elevated pool decks and access to a marina, according to firm Managing Director Mike Wilbert. The hotels represent Mission Hill’s fourth and fifth acquisitions in Florida, following Hilton deals in Naples and Jacksonville, and a Marriott buy in Navarre Beach. 
• Mission Hill joins a list of investors, developers and management companies currently seeking hotel opportunities in Florida, as the state draws in tourists interested in experience-centric destinations and accommodations. 

Dive Insight:

Mission Hill’s Clearwater Beach acquisitions build on recent hospitality activity in Florida, including the $22 million sale of the 198-room Comfort Suites Maingate East hotel in Kissimmee. 

Additionally, the Cordish Companies and Caesars Entertainment announced a 223-acre mixed-use development, to include two hotels and a casino, on Pompano Beach in Florida, and management company Crestline Hotels & Resorts added a boutique Miami property to its portfolio in June. Sonder also recently announced plans to expand in the state, with new hotel openings in Miami and near Disney World. 

Melvin Chu, executive vice president for JLL’s Hotels & Hospitality Group, said Miami, Orlando and Tampa were among the top 25 U.S. markets showing positive growth in the hotel sector to start 2023, with end-of-2022 RevPAR exceeding 2019 levels. Visitation to the state was up 5% in 2022 compared to 2019. 

Hotel leaders at AHLA and Hotel Management’s Hospitality Show conference last month noted that leisure travelers are seeking more experience-based trips — something Clearwater Beach offers, Wilbert noted. 

“Clearwater Beach and the surrounding market offer a variety of leisure demand drivers including renowned beaches, state parks and world class snorkeling, drawing visitors nationally and internationally,” Wilbert said in a statement. “This investment provided a great opportunity for us to expand our portfolio in Florida with two core-branded assets in a high-barrier market.” 

Located within blocks of each other with access to Clearwater Beach, the hotels are proximal to sightseeing attractions and activities, including fishing charters, dolphin-watching excursions, restaurants and shops and the Clearwater Marine Aquarium. The properties are roughly 20 miles from Tampa. 

The AC Hotel features on-site amenities, including a fitness center, outdoor swimming pool, pool deck bar, AC Kitchen and lounge, and a rooftop bar. The Courtyard hotel offers similar amenities, in addition to 1,000 square feet of meeting and event space.